38-lot Manufactured Housing Community that is stable with upside.
The Esterson MHC Team is pleased to present Wagon Master MHP, a well-established, 38- lot MHC located in Spruce Pine, NC. Roughly 58 minutes from Asheville, Spruce Pine is renowned for its scenic beauty and outdoor attractions like the Blueridge Parkway, Linville Falls in Pisgah National Forest, Grandfather Mountain, and Mount Mitchell, the highest peak in the eastern United States.
According to bestplaces.net, the average 2-bdr apartment rent in Spruce Pine is $1,370 and the average single family home costs $216,000. With only about 3% of homes and apartments available for rent, there is a clear need for more affordable housing options.
The community consists of 38 MH lots with 24 tenant owned homes (TOH), 12 rented park owned homes (POH), and 2 abandoned homes. The average monthly lot rent is $290 and the average monthly rental rate for park owned homes is $490 including lot rent. All rents are below market. The average age of park owned homes is roughly 1984 and they are inaverage condition.
The park is serviced by public water that is billed directly to tenants and a septic system that is maintained and paid for by the park. Trash is serviced by a dumpster that is paid for by the park. Electricity is public and billed directly to tenants. The roads are gravel and in average condition. The park is not in a flood zone but is in an opportunity zone.
We are asking investors to submit offers at $1,600,000. While the park would qualify for traditional recourse lending, the seller is offering financing at 50% LTV, 4% interest rate, 30- year amortization, and a 5–7-year balloon.
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